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Earning Income
| Term | Definition |
|---|---|
| . Associate Degree | an undergraduate college degree that typically takes two years of full-time study to complete. |
| Bachelors Degree | an undergraduate academic credential awarded by colleges and universities upon completing a program of study that typically lasts four years. |
| Benefits | an advantage, profit, or helpful effect gained from something. |
| Compensation | something of value, usually money, given in return for work or to fix a loss or injury. |
| Doctorate Degree | the highest academic degree you can earn from a university. |
| FICA | Federal Insurance Contributions Act, which is a U.S. federal payroll tax automatically taken out of worker paychecks to fund Social Security and Medicare. |
| Gross Income | the total amount of money earned by an individual or business before any taxes or deductions are remove. |
| Income Tax | Income tax is a mandatory financial charge levied by governments on the earnings and profits of individuals and business |
| College Major | your primary field of study and the specific academic focus you choose while earning an undergraduate degree. |
| Masters Degree | an advanced postgraduate academic qualification awarded by a college or university after completing one to two years of focused study beyond a bachelor's degree. |
| Minimum Wage | the lowest hourly, daily, or monthly pay that an employer can legally pay a worker. |
| . Payroll Deduction | money withheld from an employee's gross pay to cover taxes, benefit contributions, and other legally required or voluntary obligation. |
| PTO | Paid Time Off, a workplace policy that gives employees compensated time away from work. |
| Salary | a fixed amount of money an employer pays an employee for their work. |
| Wage | a monetary payment made by an employer to an employee in exchange for labor or services, usually calculated on an hourly, daily, or piecework basis. |